In the years-long legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), recent updates have sparked renewed optimism among Ripple supporters. Some of the latest developments in the case have led many to believe that Ripple may have a real chance at triumphing against the SEC.
However, not all agree with those views. In fact, one prominent member of the crypto community thinks that Ripple has no chance of winning this fight stating: “XRP ain’t gonna win their case.”
Well-known Bitcoin (BTC) supporter Max Keiser tweeted on Wednesday, June 21, that Ripple and XRP will not triumph over the SEC, because this battle “was never about the law,” adding that the embattled cryptocurrency “was marked for death and Gary’s job is to take it out.”
SEC is making room for TradFi giants, says Keiser
Keiser’s remarks stem from his beliefs that there is a broader SEC plan in place aimed at pushing out independent crypto exchanges and firms in order to make room for big Wall Street players such as BlackRock, Wisdom Tree, Fidelity, and so on.
“As I keep telling you guys, the SEC swept away the independent ‘crypto’ exchanges & players, to make room for BlackRock, Wisdom Tree, Fidelity, etc. to get into #Bitcoin.”
– Keiser wrote in the tweet.
His tweet comes after major investment managers, including Wisdom Tree and Invesco, filed for launching spot Bitcoin exchange-traded funds (ETFs), just days after BlackRock announced a similar move.
Over the past few days, there were rumors circulating that Fidelity Investments also wants to roll out a spot Bitcoin ETF, although there is still no concrete evidence for these claims.
While more traditional finance (TradFi) institutions flock to gain crypto exposure, the SEC continues to crack down on the industry’s biggest players, most recently Binance and Coinbase.
XRP price analysis
At press time, XRP’s price was changing hands at $0.49, up 3.86% in the past 24 hours.
Over the past month, the crypto token gained more than 6.4%and is up over 46% since the start of the year.
In his June 18 analysis, pseudonymous crypto expert Mags said XRP currently “has one of the cleanest setups so far,” and its “next stop would be $0.68 & higher” if the crypto asset manages to pierce through the $0.55 resistance.
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